© Reuters. FILE PHOTO: People walk past a booth of ICBC Credit Suisse Asset Management Co at the 2020 China International Fair for Trade in Services (CIFTIS), in Beijing, China September 5, 2020. REUTERS/Tingshu Wang/File photo
By Paritosh Bansal, Lananh Nguyen and Davide Barbuscia
NEW YORK/LONDON (Reuters) – Industrial and Commercial Bank of China injected capital into its U.S. unit to pay BNY Mellon (NYSE:) $9 billion for unsettled trades and hired a cybersecurity firm to help it return online after a ransomware attack, sources familiar with the matter said.
ICBC said on Thursday it had been hit by a ransomware attack, the latest in a string of ransom demands by hackers this year. ICBC Financial Services, the bank’s U.S. unit, said it was investigating the attack that disrupted some of its systems, and making progress toward recovering from it.
The cyberattack sent ripples through the U.S. Treasuries market, where ICBC acts as a broker for hedge funds and other market participants, helping them trade in the securities.
When the hack happened earlier this week, ICBC was unable to access its systems, leaving it temporarily owing BNY $9 billion for unsettled trades, two…
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